ab 13 August 2024 Global Research and Evidence Lab James Hardie Industries Slow recovery but foundation solid Soft 2QFY25 makes bridge to FY25 incrementally harder We see the key takeaways from today's result as: 1) FY25 unchanged but harder with tough 2Q. JHX's 2QFY25 guidance came in softer than expected (midpoint vols -7% albeit with some large builder inventory adj impact). While declining rates will clearly improve the outlook, we see any improvement as unlikely to arrive in time for FY25 earnings and ...

Global Research August 2024 China Economic Outlook Property Downturn, Tariff Risk and Policy Responses Ning Zhang, Ph.D. Senior China Economist, Executive Director Tel: +852-2971 8135 Email: ning.zhang@ubs.com This document has been prepared by UBS Securities Asia Limited ANALYST CERTIFICATION AND REQUIRED DISCLOSURES, including information on the Quantitative Research Review published by UBS, begin on slide 46 UBS does and seeks to do business with companies covered in its research reports. As a result, in ...

Global Research and Evidence Lab 13 August 2024 Australian Economic Comment RBA Hauser hawkish: lifts neutral & NAIRU. WPI ticks down to 0.8% q/q, but y/y holds 4.1% RBA Deputy Hauser hawkish: effectively lifts neutral rate & NAIRU estimates RBA Deputy Governor Hauser's speech was on the hawkish side; especially relative to prior comments, which were initially more balanced on the RBA's 'dual mandate' of an inflation target as well as full employment. 1) Hauser characterised inflation as persistent, and hig ...

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ab 13 August 2024 Global Research and Evidence Lab Nihon Kohden Await rebound in market credibility Lowering price target and estimates We are lowering our price target for Nihon Kohden from ¥3,000 to ¥2,180 to reflect cuts to our estimates and base PER. We are revising our estimates based on changes to our forex assumptions (from ¥150/$ to ¥145 and ¥160/€ to ¥155) and cuts to our sales estimates for Japan and China. Our new target PER of 20.2X is a 10% discount to our previous multiple (the 22.5X average f ...

ab 13 August 2024 Global Research and Evidence Lab Freightways Still in neutral Retain Neutral following recent re-rating with... FRW's short-term misvaluation has materially reduced following its re-rating of 20% over the last six weeks with expectations of earlier monetary easing lifting investor appetite in NZ cyclical stocks. Looking forward, FRW investment case is now reliant on a return to attractive (double-digit) earnings growth. While we expect EPS to lift in FY25e it is likely to be mostly contain ...

ab 13 August 2024 Global Research and Evidence Lab Equities Spot On SA Miners—momentum & yield if spot prevails South Africa Mining 8% downside risk to 12M forward consensus earnings, on average If spot commodity prices prevail, we calculate upside risk to 12M forward consensus earnings for the gold miners (+32%) and the SA diversifieds (+1%) on an average market cap-weighted basis, while we calculate downside risk to for the PGM miners (- 15%) and dual-listeds (-21%) on an average market cap-weighted basis ...

ab 13 August 2024 Global Research and Evidence Lab First Read Chinese Shipbuilders Read-Throughs from Yangzijiang Shipbuilding H124 results Equities China Industrial Yangzijiang Shipbuilding disclosed H124 results Yangzijiang Shipbuilding disclosed its H124 results yesterday after market, and the market reacted positively today, with the share price of Yangzijiang Shipbuilding +12% intraday. Company's H124 revenue grew 15% YoY and 2% HoH, and GPM improved by 8ppts YoY and1ppt HoH. What beat market expectati ...

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ab 13 August 2024 Global Research and Evidence Lab Equities Americas Insurance US Insurance Wrapping up 2Q24 Earnings Season Brokers and Personal Lines Reverse Last Week's Gains P&C insurers we cover were down 0.8% over the week, underperforming both Fins (+0.8%) and the S&P 500 (~flat). Brokers were down 1.9% with RYAN (-5%) and GSHD (-4.9%). Personal lines were also down with KMPR (-5.3%) and ALL (-3.3%). Commercial lines we cover were flat on average with WRB (+3.5%) and AIZ (+2.4%) offset by JRVR (-6.4% ...